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You are here: Home Audit Reports Housing and Development Tax Allocation Districts May 2012

Tax Allocation Districts May 2012

Tax Allocation Districts

 

Released May 2012

 

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We undertook this audit because the city's use of tax allocation districts to finance redevelopment has grown to encompass 20% of the city's land area and 15% of total assessed property value.

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We found:

  • Neither the city nor its redevelopment agent, Invest Atlanta, systematically tracks progress toward meeting redevelopment plan goals.
  • Planned redevelopment projects in Atlantic Station, Eastside, Westside, and Princeton Lakes are substantially complete and the city has collected more increment than needed to pay annual debt service.
  • Trends in assessed values citywide and in tax allocation districts illustrate that public investment has spurred substantial growth in property value within the districts but also show that districts have captured inflationary growth, thus reducing the city’s fiscal capacity to provide services within the districts and citywide.
  • Invest Atlanta’s policy on minimum project size in the corridor districts may be a barrier to small developers.
  • While Invest Atlanta has processes in place to control developer costs, it does not subject its own operating costs and those of its affiliate Atlanta BeltLine, Inc., to the same scrutiny and oversight.